...Assignment: Compensation and Benefits Strategies Recommendations Purpose of Assignment For this task, Traci has asked your team to develop compensation and benefits strategies for your client. It is important to understand the relationship of compensation and benefits to achieving business objectives and employee attraction and retention. You will also need to consider the increasing cost of compensation and benefits and appropriate actions management may take to maintain or reduce this cost factor. It is important that any business have a compensation and benefits plan that not only attracts and helps to retain quality employees, but also allows the business to survive financially. Learning Team Assignment: Compensation and Benefits Strategies Recommendations Purpose of Assignment For this task, Traci has asked your team to develop compensation and benefits strategies for your client. It is important to understand the relationship of compensation and benefits to achieving business objectives and employee attraction and retention. You will also need to consider the increasing cost of compensation and benefits and appropriate actions management may take to maintain or reduce this cost factor. It is important that any business have a compensation and benefits plan that not only attracts and helps to retain quality employees, but also allows the business to survive financially. Learning Team Assignment: Compensation and Benefits Strategies Recommendations Purpose...
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...Compensation and Benefits Strategies Recommendations 1 Compensation and Benefits Strategies Recommendations HRM/531 May 12, 2014 Compensation and Benefits Strategies Recommendations 2 Mr. Stonefield, our esteemed client who is starting Landslide Limousine Service, is looking to us for recommendations for pay and benefits strategies. In a voicemail left on our office phone, he has helpfully summarized his five main areas of concern and these are summarized below. 1. 2. 3. 4. 5. He wants to be comparable with other limousine services He wants to fit in well with the limousine market in the Austin, Texas area He reiterates that he is planning for 25 employees His projected annual net revenue for the first year is south of $50,000 He predicts five percent revenue growth over the next couple years. The overall unemployment rate in any given area is a crucial factor in the retention rate of any given industry or field in that area, and the limo industry is no different. (Mergent 2013). Austin, Texas, in recent years has become a hotbed of growth and an area that has attracted much new blood; (5.2 (BLS, 2013)) resulting in a 2013 unemployment rate (five percent) that is below the state and the national average (roughly seven percent) . (Robert Grattan, “Austin Unemployment Rate Sets the Pace”, www.bizjournals.com, December 19, 2013). Mr Stonefield was wise to select Austin for his business, then, as it is in the midst of a boom that shows no signs of abating. In fact...
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...Compensation and Benefits Strategies Recommendations Learning Team B HRM 531 May 28th, 2014 Ms. Joyce Harada Compensation and Benefits Strategies Recommendations Introduction Mr. Jason Galvin (Human Resources representative with Bollman Hotels) is consulting with Ms. Traci Goldeman (Atwood and Allen Consulting) for recommendations specifically for pay and benefits strategies. A few of the items Jason wants Traci to keep in mind are first, Bollman Hotels wants to be comparable to other international chains. Second, the expansion to India is new so the pay and benefits strategies must work well there. Third, Bollman Hotels plans to add 20% to their current workforce. Lastly, the annual net revenue is $100 million with an expected 15% growth after the first year. To be comparable to other international hotel chains, Bollman Hotels must know the standard pay and standard benefits offered to U.S. citizens working abroad and the pay and benefits offered to local, national employees in those countries. The expansion to India is preferred due to India being the world’s preferred outsourcing destination. “Companies are able to stay ahead of the competition, control cost, increase quality and reduce time to market. India is one of the ten fastest growing economies in the world. In a recent survey conducted in the US, 82% of US-based companies have voted for India as their first and most preferred choice." (Outsource2India, 2014). The addition of 5,000 employees is a positive...
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...Compensation and Benefits Strategies Recommendations HRM/531 8 July 2013 University of Phoenix Compensation and Benefits Strategies Searching for a job in today’s market can become a long process and one thing many potential employees look at first is the compensation and benefits packages being offered from the potential most qualified, retaining employees, and maintaining motivated workers (Cascio, 2013). Most organizations are realizing that a well-constructed compensation and benefits programs for employees has a considerable effect on productivity, morale, and the employers cost benefit. These positive effects bring in revenue to add to the business success. In today’s economy there are many who are unemployed and the compensation and benefits component is on the side of the employer where the employer can be more constrained on their rewards and benefits. Regrettably in todays market companies can offer less or no compensation and benefits, and oftentimes receive more in skills and expertise. Although the compensation and benefits package has gone through a transformation its primary purpose is to focus on adequacy, equity, cost control, and balance. Our team has reviewed and concluded that the following adjustments should be implemented in the compensation and benefits package at Landslide Limousines. Compensation will be determined considering the organization’s budget and most importantly the required performance and productivity to achieve organizational goals...
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...HRM531 HRM/531 Compensation and Benefits Strategies Recommendations Week 3 Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket.com/content/hrm531-hrm531-compensation-and-benefits-strategies-recommendations-week-3-1 Complete the Compensation and Benefits Strategies Recommendations task as described in the Email from Traci on the Atwood and Allen Consulting Page. Hello, For this task, I need you to work with a team. You will only be able to work with one client, though, so everyone in your team must agree on which client to work with. I need you to develop some compensation and benefit recommendations for the client. Don't forget to check the Client Communications link to see a copy of my communications with the client regarding this issue. In your recommendation, make sure you do the following: Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. Recommend a compensation structure. Recommend the position in the market. Create a total compensation and benefits strategy. Consider the use of performance incentives and merit pay to recognize and engage employees. Identify laws related to the benefits and pay program. Your recommendation should be no more than 1,750 words. Please have this to me by the end of the week. Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket...
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...the best possible compensation strategy for our organization. In this report, the various compensation strategies and recommendations for implementation will be displayed. The compensation strategy of an organization is one of the most important programs that is a necessity to retain and attract quality workers. There are many different ways to compensate workers but the focus of research has been on that of performance based, incentive based and total compensation strategies. These each have a different benefits for different organizations. The performance based compensation is one that rewards workers for completing projects by certain deadlines or with certain standards. This strategy is beneficial for an organization that has strict deadlines and wants to attract workers who think what they accomplish should speak for itself. This compensation rewards workers who achieve a certain task in a given amount of time and is rewarded by benefits or promotions. This strategy is beneficial for retaining skilled workers who are competitive and high performing. The incentive based compensation strategy is one that rewards workers who attain professional achievements. These achievements could be joining a professional organization or gaining a professional certification. This strategy is beneficial to the organization as it helps to demonstrate the credentials and professionalism of the company displayed by the achievements of employees. This strategy can be beneficial...
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...employees, you have been asked to evaluate different compensation strategies that are available for adoption within your organization. Compare and contrast at least three compensation strategies and determine recommendations for how they may be implemented within your organization. Name: Henry Rivera I.D. #: 000318961 Reference Title Finding #1 Godfrey, W. (2013, January). Compensation Strategy for Success. Prezi. Retrieved from http://prezi.com/j9k9_m_2qiwn/compensation-strategies-for-success/ Sager, Suzanne. (2011, September). Merit Pay Most Often Used in Compensation in Public and Academic Librarians. Library Worklife. Retrieved from http://ala-apa.org/newsletter/2011/09/01/merit-pay-most-often-used-in-compensation-for-public-and-academic-librarians/ Ojimba, E. (2004, November 15). Salary Basics – Developing a Strong Compensation Strategy. Salary.com for Business. Retrieved from http://www.salary.com/Small-Business-Advice/advice.asp?part=par410 Finding #2 McGladrey. (2011). Lessons from Recession Increasing Focus on Incentive Compensation Programs. Retrieved from http://mcgladrey.com/Perspective/Lessons-from-recession-increasing-focus-on-incentive-compensation-programs University of Wisconsin – Green Bay. (2013, April 9). Compensation Philosophy. Retrieved from http://www.uwgb.edu/hr/documents/CompPhilosophy0401.pdf Finding #3 Gerhart, B., Milkovich, G.T., & Newman, J.M. (n.d.). Compensation Strategy. Answer, McGraw Hill. Retrieved from http://mhanswers-auth...
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...Business Research Report Compensation Strategy Presented to: Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Finding Number 1 4 Finding Number 2 5 Finding Number 3 5 Recommendations 6 Conclusion 7 References 8 Executive Summary This report provides an analysis and evaluation of three different compensation strategies for potential implementation into our firm. Performance based, skill based, and piece rate pay plans are defined and analyzed. The focus of the topics included in the analysis includes employee retention, recruitment, morale, and productivity The performance based compensation considered is individual and team based bonus programs. This seems to be the most common form of incentive based compensation and has shown to be effective in many cases. This is also a relatively easy strategy to implement. Skill based pay is a strategy that puts emphasis on developing employees into skilled workers, as well as recruiting skilled workers. Employees are paid based on their skills rather than on the job that they fill. Its goal is to garner a quality producing team. This strategy is a bit more difficult to enact as the technical skills required in our industry are ever changing. Piece rate pay is a pay structure that offers a set amount of compensation per item produced. It has been shown to dramatically increase production while simultaneously...
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...Business Research Report Compensation Strategies for 2014 Assessment Code: RWT1 Student Name: Student ID: Date: 9/15/13 Table of Contents Executive Summary Introduction Research Findings Salaried/Hourly Compensation Commission/Productivity-Based Compensation Longevity Compensation Recommendations6 Conclusion7 References8 Executive Summary This report reviews three different compensation strategies PepsiCo can develop and implement within all of our PepsiCo. Brands and businesses for our employees. Compensation is one of the most important and rewarding factors for our employees based on our organizational health survey conducted in 2011, so a thoughtful and thorough approach should be taken as we think about changing the way in which our companies reward our employees for the work they perform on a daily basis. Salary and hourly compensations are easy and constant ways of paying the employees of our companies. Salary and hourly compensation can be a set wages employees will earn based on their job description. This wage will not change based on seniority or merit. The stability of this type of compensation system is appealing to employees as they are aware of how much income they will receive on a regular basis. Hourly based pay has very little room for opportunity of growth for the employees. Commission/productivity based pay also known asperformance based pay is a relatively common and popular approach to compensation where the employee is paid by...
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...Compensation and Benefits Strategies Recommendations Dave Tauala, David Cosme, Luana Pa'ahana, Rolly Alvarado, Sharon Losalio HRM/531 May 28, 2014 Arlis Liu Compensation and Benefits Strategies Recommendations A competitive and affordable total rewards system will not be effective if potential employees do not know what benefits are available. Communication of the package is just as important as the package itself. Employees tend to perceive the value of competitive benefits as excessive costs versus value (Cascio, 2013). The intent in the design of compensation programs is to incorporate salary and benefits into a package that will achieve Landslide Limousines' organizational goals. The team from Atwood and Allen Consulting put together recommendations for a total rewards package for 25 employees with projected revenue of $50,000 for the first year and a 5% revenue growth over the next two years. Limousine Market Landslide Limousines is a new business entering the marketplace. According to Austin Ground Transportation (n.d.), there are more than 70 limousine services. Landslide Limousines will need to market their service comparable to other limousine businesses. Austin is a tourist destination known for its diverse shops, bars, and restaurants. With today's unpredictable economy, limousine services are feeling the pinch as shuttle buses are gaining more business (Breslow, 2014). Entering the market as a new company, the ability to pay employees will be constrained...
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...Compensation and Benefits Strategies Recommendations Elizabeth Copeland, Emily Krzyzaniak, Frederick McFarland, and Mary Thomas HRM/531 9/23/15 Maria Ziegler Compensation and Benefits Strategies Recommendations Landslide Limousines will be opening soon and they will be employing twenty-five people to keep the business in operation. The owner, Bradley Stonefield, wants to be comparable to the other limousine services around town so this must be considered when recommendations for compensation and benefits are made. Although the company is projected to see a 5% revenue growth over the first few years, they are estimating to have a net revenue of -$50,000 for the first year. The recommendations provided in this paper shall assist Landslide with securing their place in the transportation market in Austin, Texas. Market Research Evaluating companies in the relevant market will keep you competitive. We have researched 2 established car service companies in Austin, Texas operating with 25 employees or less. We started with a company you may be familiar with. Founded in 1989 by Tony Alyassin, Royal Carriages Limousine operates a substantial fleet of more than 25 vehicles (http://royalcarriages.com/). Employee are independent contractors with a compensation package of a flat wage rate and a corporate contribution to the National Taxi Drivers Association of Austin. The National Taxi Drivers Association is an organization that was founded in 2009 that focuses on taxi and limousine...
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...Business Research Report Manufacturing Compensation Strategies Assessment Code: RWT1 Student Name: T Student ID: Date: Mentor Name: Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Merit Pay 5 Job Based Pay 6 Skill Based Pay 7 Recommendations 8 Conclusion 8 References 9 Executive Summary After examining several distinct compensation strategies utilized in the manufacturing industry, I have prepared this report to explore three specific plans; Merit Pay, Job Based Pay and Skill Based Pay. When considering a compensation plan, more than just pay should be included. No compensation strategy would be complete without including all forms of compensation from pay, health benefits, retirement savings options and time off. Merit Pay is increasingly becoming prominent in manufacturing. Employers that use Merit Pay bestow pay increases and incentives to employees based on individual performance. This maybe a good way to reward high performers and publicize those behaviors that the organization values. Job Based Pay is a structured pay system that compensates according to the position instead of the employee’s ability or adeptness to do the job. This job based strategy can reduce the likelihood of gender discrimination in pay. Also, it ensures that the employee is being paid a fair market value for the work they perform. Finally, Skill...
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...BUS 681 Entire Course Compensation and Benefits http://www.devryguide.com/downloads/bus-681-entire-course-compensation-benefits/ To purchase this tutorial copy and paste link in your browser. BUS 681 Entire Course Compensation and Benefits Week 1 Compensation Strategy. Discuss the general goals of an organization’s compensation system, including how a compensation strategy works to support the organization’s business strategy. Respond to at least two of your fellow students’ postings. Compensation Practices. Discuss the various factors that influence a company’s competitive strategies and compensation practices. Assess how a company can mitigate these factors using effective compensation practices. Respond to at least two of your fellow students’ postings. Journal Article Research and Analysis. Using a variety of research techniques, write a 3-5 page essay that summarizes the impact and affect of compensation within an organization. This essay should be based on research obtained through a minimum of three Journal articles. Week 2 Seniority and Merit Pay. Define the concept of seniority and merit pay plans, including the strengths and limitations of such plans within an organization. Discuss the job, organizational and/or other factors that should be considered when deciding between the two. Respond to at least two of your fellow students’ postings. Incentive Pay Plans. Discuss how incentive pay plans – both individual and group – motivate employees to achieve...
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...Mgt 1008 – Compensation and Benefits “We Care” Company is one of thirty home care service providers in the United States and in 2011 merged with a company called “Sunshine” which was also a home care service provider. The Company now has 45 offices domestically and an employee population of 600 employees (350 employees from “We Care” and 250 employees from “Sunshine”). The Company expects to increase their employee population by another 300 people by 2016. The COO (Chief Operating Officer) of “We Care” has determined that there are a number of duplicate jobs and some jobs are obsolete based on the new business strategy. The COO would like to streamline the present jobs and create new ones that will support the new business strategy going forward. The goal of the Company is to be the leader in the home care services industry within five years. At the same time, the CFO (Chief Financial Officer) has determined as a result of the merger, the largest budget expense is in the area of employees’ salaries and benefits. She would like to reduce the salary and benefit expenses by 15% over the next 2 yrs. She is aware of the initiative to create new jobs which will support the new business strategy, but also needs to address the large expense items which appear in the budget. The Director of HR has selected you, a Compensation & Benefits Consultant to work on this “special” project which is to recommend which jobs should be eliminated and created to support the new business...
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...UNIT 1 Deadline as Apr 6 Question 1 Son, Ha, MA __________ compensation is the psychological mindset of performing a job. Son Answer | | Extrinsic | | | Intrinsic | | | Base pay | | | Discretionary | Question 2 Which of the following stakeholders requires that companies comply with all employment legislation? Son Answer | | Employees | | | Line managers | | | Executives | | | U. S. Government | Question 3 COLA (Cost of Living adjustments): Ha Answer | | are tied to changes in the price of consumer goods. | | | are part of seniority pay systems. | | | reward employees based upon the achievement of individual goals. | | | are offered as a type of merit pay. | Question 4 __________ is the term used to describe both the monetary and nonmonetary rewards an employee receives. Ha Answer | | Extrinsic compensation | | | Salary | | | Discretionary benefits | | | Strategic compensation | | | | Question 5 __________ focuses on gaining competitive advantage by being the lowest-cost producer of a good or service within the market place. MA Answer | | Differentiation strategy | | | Cost leadership strategy | | | Competitive strategy | | | Core compensation | Question 6 List and explain the five different stakeholders of a company’s compensation system. Son There are five different stakeholders of a company compensation system and the human resource department provides them within and outside...
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